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2019 Financial Stability Conference: Financial Stability: Risks, Resilience, and Policy

What

2019 Financial Stability Conference
Financial Stability: Risks, Resilience, and Policy

When

November 21 – November 22, 2019

Where

The Federal Reserve Bank of Cleveland
1455 East 6th Street
Cleveland, OH 44114


November 21, 2019

7:45 - 8:25 am Registration
8:25 - 8:30 am Welcome
Joseph Haubrich, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland
8:30 - 9:00 am Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland
9:00 - 10:10 am Panel: The Effects of Macroprudential and Monetary Policies on Financial Stability

Moderator: S.P. Kothari, Chief Economist, Director of the Division of Economic and Risk Analysis, US Securities and Exchange Commission

Panelists:
Wayne Abernathy, Executive Vice President for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
Michael Kiley, Deputy Director of the Division of Financial Stability, Board of Governors of the Federal Reserve System
Kasper Roszbach, Research Director, Norges Bank (presentation)
10:10 - 10:25 am Break
10:25 - 11:50 am Paper Session: Macroprudential Policy and Financial Stability

Moderator and Discussant: Christa Bouwman, Associate Professor of Finance and Patricia & Bookman Peters Professor of Finance, Mays Business School at Texas A&M University (presentation)

Unconventional Monetary Policy and Funding Liquidity Risk (paper)
Quentin Vandeweyer, Economist, European Central Bank (presentation)
Adrien d’Avernas, Assistant Professor of Finance, Stockholm School of Economics
Matthieu Darracq Pariès, Deputy Head of Forecasting and Policy Modeling, European Central Bank

Does Liquidity Disclosure Regulation Negatively Affect Liquidity Holdings in the Banking System (paper)
Yao Lu, PhD Student, University of Chicago Booth School of Business (presentation)

Unintended Consequences of Post-Crisis Liquidity Regulation
Suresh Sundaresan, Chase Manhattan Bank Foundation Professor of Financial Institutions, Columbia Business School (presentation)
Kairong Xiao, Assistant Professor of Business, Columbia Business School
11:50 - 1:15 pm Luncheon and Fireside Chat

Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland
Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation
1:15 - 2:40 pm Paper Session: Financial Intermediation and Financial Market Resilience

Moderator and Discussant: Stathis Tompaidis, Professor, The University of Texas at Austin (presentation)

Central Counterparty Default Waterfalls and Systemic Loss
Mark Paddrik, Senior Researcher, Financial Markets Division, Office of Financial Research (presentation)
Simpson Zhang, Financial Economist, Office of the Comptroller of the Currency

Financial Networks Over the Business Cycle
Alexandr Kopytov, Postdoctoral Research Associate, Princeton University (presentation)

Credit Default Swaps and Corporate Bond Trading
Robert Czech, Research Economist, Capital Markets Division, Financial Stability and Strategy Directorate, Bank of England (presentation)
2:40 - 3:40 pm Panel: Financial Intermediation and Financial Market Resilience

Moderator: Sayee Srinivasan, Deputy Director, Risk Surveillance, Division of Clearing and Risk, US Commodity Futures Trading Commission

Panelists:
Grahame Johnson, Managing Director, Financial Stability, Bank of Canada
João Santos, Senior Vice President and Policy Leader for Microprudential Supervision, Federal Reserve Bank of New York
Adrien Vanderlinden, Executive Director, Systemic Risk Office, Depository Trust & Clearing Corporation
3:40 - 3:55 pm Break
3:55 - 5:20 pm Paper Session: Emerging Technologies

Moderator and Discussant: Rod Garratt, Professor, Maxwell C. and Mary Pellish Chair in Economics, University of California, Santa Barbara (presentation)

Tokenomics and Platform Finance (paper)
Ye Li, Assistant Professor of Finance, Max M. Fisher College of Business at The Ohio State University (presentation)
Lin William Cong, Associate Professor of Finance and Rudd Family Professor of Management, Cornell University
Neng Wang, Chong Khoon Lin Professor of Real Estate and Finance, Columbia Business School; Research Associate, National Bureau of Economic Research

Designing Central Bank Digital Currencies (paper)
Itai Agur, Senior Economist, International Monetary Fund (presentation)
Anil Ari, Economist, International Monetary Fund
Giovanni Dell’Ariccia, Deputy Director of the Research Department, International Monetary Fund

Blockchain Structure and Cryptocurrency Prices (paper)
Peter Zimmerman, Senior Economist, Bank of England (presentation)
5:20 - 7:30 pm Reception Hosted by the Federal Reserve Bank of Cleveland

November 22, 2019

8:30 - 8:35 am Welcome
Stacey Schreft, Deputy Director, Research and Analysis Center, Office of Financial Research
8:35 - 9:30 am Keynote Address: Anjan Thakor, John E. Simon Professor of Finance and Director of the Wells Fargo Advisors Center for Finance and Accounting Research, Olin Business School, Washington University in St. Louis (presentation)
9:30 - 10:45 am Panel: Emerging Technologies and Financial Stability Challenges

Moderator: Christine Parlour, Professor of Finance, Sylvan C. Coleman Chair in Finance and Accounting and Distinguished Teaching Fellow, Walter A. Haas School of Business, University of California, Berkeley

Panelists:
Brian Brooks, Chief Legal Officer, Coinbase
Moad Fahmi, Senior Advisor for Fintech, Bermuda Monetary Authority
William Magnuson, Associate Professor, Texas A&M University School of Law
10:45 - 11:00 am Break
11:00 - 12:30 pm Paper Session: Household Balance Sheets and Financial Stability

Moderator and Discussant: Paul Willen, Senior Economist and Policy Advisor, Federal Reserve Bank of Boston (presentation)

Household Financial Behavior After Hurricane Harvey
Therese (Tess) Scharlemann, Economist, Board of Governors of the Federal Reserve System (presentation)
Alejandro Del Valle, Assistant Professor, J. Mack Robinson College of Business at Georgia State University
Stephen Shore, R. Means Davis, Jr. Professor of Risk Management and Insurance, J. Mack Robinson College of Business at Georgia State University

The Impact of Debt Relief Generosity and Liquid Wealth on Household Bankruptcy (paper)
Sasha Indarte, Assistant Professor of Finance, Fuqua School of Business at Duke University (presentation)

Shocked by Bank Funding Shocks: Evidence from 500 Million Consumer Credit Cards
Rohan Ganduri, Assistant Professor of Finance, Emory University (presentation)
Sudheer Chava, Alton M. Costley Chair and Professor of Finance, Scheller College of Business at the Georgia Institute of Technology
Nikhil Paradkar, PhD Candidate, Scheller College of Business at the Georgia Institute of Technology
Linghang Zeng, Assistant Professor of Finance, Babson College
12:30 pm Closing Remarks
Box Lunch and Adjourn